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July 6, 2021

Provide Your Family Guidance with an Estate Planning “Road Map”


estate planning

You’ve probably already worked with your advisor on essential estate planning documents such as your will, a power of attorney, and various trusts—but you should also consider adding a “road map” to your estate plan.

What to include

In essence, your road map will be an informal document or letter that ensures your wishes are carried out by providing your family with guidance in understanding and executing your estate plan.

Among other things, a good road map should include:

  • A personal financial statement, including an inventory of real estate, bank accounts, stocks, bonds, retirement plans, vehicles, and other assets
    • You should also include information about credit cards, mortgages, and any other debts
  • The location of important documents, such as your will, tax returns and records, powers of attorney, living and other trusts, deeds, automobile titles, and insurance policies
  • The location of valuable personal property such as family heirlooms 
  • An inventory of digital assets, including online bank and brokerage accounts, email accounts, social media accounts, online photo galleries, and digital music and book collections
    • Make sure to allow access by providing your login credentials or a description of arrangements made with a representative who has access
  • Home security system codes and computer passwords
  • The location of any safety deposit boxes and keys 
  • Safe combinations
  • A list of important professional contacts, such as your financial advisors, accountant, insurance agent, and estate planning attorney
  • Your instructions for funeral arrangements and burial wishes.

Offering an explanation

You can also use your roadmap as an opportunity to explain the reasoning behind your estate planning decisions to loved ones. You may be planning to distribute specific assets to specific heirs, want to place certain restrictions on an heir’s entitlement to trust distributions, or want to distribute your assets unequally. Although there are several good reasons to implement these strategies, your family will need to understand your motives in order to avoid disputes or hurt feelings.

Finally, it’s a good idea to leave your estate planning road map with a trusted advisor and keep a copy somewhere where your heirs are likely to find it. As with other estate planning documents, your road map will be useless unless your family is able to locate it.

Feel free to contact us with any questions or concerns!

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